up with something, have to build that wall or get that funding or come up with another way to reopen the government. the dow is displeased. the best in business now. >> walls work. whether we like it or not, they work better than anything. >> neil: president trump digging in and stocks selling off, way off as the battle over the border wall funding heats up and the government shut down could be on. the dow plunging more than 600 points before finishing down 472 points. what a day. rocking and rolling and selling. welcome. i'm neil cavuto. fox on the top of a shut down on the brink and stocks in the tank. we're going to be speaking with wyoming republican congresswoman liz cheney who was in that meeting with the president today. we'll also speak with byron ween on where he see stocks going next.

first, to the white house where the president is putting his foot down and kristina partsinevelos on stocks that are, just, way down. john at the white house. >> no question the president dealing in his heels. yesterday we thought he would have to accept the continuing resolution coming from the senate. that would fund the government until february 8 and give him no money for border security or a wall. after hearing from conservatives, not just remembers of his own party but conservatives across the nation, the president this morning woke up and said, you know what? i'm not going to accept that. here's what he said a couple minutes ago about what he wants to see. >> i've made my position very clear. any measure that funds the government must include border security. has to. not for political purposes, but for our country. for the safety of our community. this is not merely my campaign promise. this is the promise every

lawmaker made. >> so the president started off this morning a tweet that said hey, listen, when i sign the omnibus bill the last time around, you told me by the end of the year, i would have money for border security. it's not there now. so what he did, he called up paul ryan and he said, bring yourself and kevin mccarthy and other people, 12 in total, over to the white house by noon for a meeting where i'm going to tell you exactly what it is that i want. there you can she the 12 people brought over to the white house. i'm told -- we're told at fox news that the president was in a good mood. he wasn't upset. just matter of fact. here's what paul ryan and kevin mccarthy said after they came out. >> the president informed us that he will not sign the bill that came over from the senate last evening because of his legitimate concerns for border security. so we're going to go back to the house and work with our members. we want to keep the government open but we also want to see an agreement that protects the border. we have serious concerns about

protecting our border. >> the same what the senate sent over is kicking the can down the road. we want to make sure that we keep the government open and have something get done. >> so the big question is, what can the house come up with and what is the president willing to accept? he said he wants $5 billion for border security and wall funding. the white house in the past few days has knocked that back to say the $1.6 billion that was offered in one continuing resolution might be enough if they can plus up the american getting it from other existing appropriations. i asked a senior administration official what is your floor here. they said we're not going to put down a floor, not going to demand a minimum of what we have to have. let's see what the house comes up with and what they can get voted out. however, neil, if it's zero dollars, it's a pretty good likelihood that the government will shut down. there's still some time. >> neil: thanks.

john roberts. as john pointed out here, stocks selling off on this uncertainty. i'm showing you the exterior of the nasdaq in times square in new york. that's as close to the bear market that you can get. down -- losing a little more ground today with just a fraction of being down 20% from the high, which is the definition of a bear market. other averages in there include the dow jones transport and the russell 2000. small stokes had been soaring a little more than six months ago. that was then, this is now. and we're watching the nasdaq closely now. very close to bear market territory. once high-flying technology stocks not high-flying anymore. kristina partsinevelos on the fallout from this. hi, kristina. >> hi, neil. you're right. that's part of the kristina that we're seeing the nasdaq down and the bear market. you saw the s&p touchdown in

bear market territory today. let's talk about the dow. we saw it hit a 14-month low. there's so much negative movement in the markets, especially towards the later half of the day, especially in the last 30 minutes. that had to do with the government shut down. it's more uncertainty. i reached out to traders. it was more going into 2019 and the fear of the slow down. i want to focus on this. 10 out of 11 sectors in the red for the s&p 500. let's take a look amount some of those big losers on the dow today. the dow drags. you see walmart down 4%. united health and mcdonalds, those are the big heavyweights on the dow as well. other companies like gopro, snap chat, they hit all-time lows today. technology when many investors are saying overvalued, they're leaving risk. twitter, an example. over 11% today.

so what is wrong? many, many factors. you can claim the yield curve is distorted and all about perception. there was talk i saw on notes that some pension funds are rebalancing, a lot of sell-off there. a lot of movement. you can blame high algorithms and high frequency trading. earlier today steve mnuchin was on fox business and he weighed in. >> i think the market reaction is completely overblown. if you look at the u.s. growth versus europe versus the rest of the world, the u.s. is still going to grow significantly higher. >> neil, i want to end on this. i heard you say it earlieearlie. he talked about the machines. he doesn't speak when the markets climb higher which we saw in the summer. >> neil: the high frequency

trades that propel us on the down side and the upside. you have to be consistent. >> thank you. >> neil: charlie gasparino is here and keith and bob. bob, is there a sense that there's more selling to come? the markets have a hard time finding a floor here. >> yeah, good afternoon. i think there's a sense of there's not a lot of buying to come. the buying that we've seen through most of this year has not worked. probably won't work. we've been at about 70 to 85% cash back and forth since october 17. we have tried to put cash to work in these dips and it's not paid. we'll be ready to do that in 2019. i agree with the treasury secretary. underlying fundamentals are good. there's too many buying events that could cause the market to spike in the way that in the past binary events have caused it to collapse like these news conferences, chuck schumer and president trump saying they're

not going to do this government funding. 2019 i think will be positive. >> neil: markets used to brush this off. now they don't. do that worry you going into 2019, whether we have a santa rally or not here? >> it does. it worries me a lot. people are exhausted by the headlines. they're not giving up, but selling into strengths, selling to rallies is more profitable than buying the dips that does bother me. >> neil: so charlie, what are you hearing from a lot of your sources? you talk to about the breadth and the nature of this rally. peter was telling me earlier that the underpinnings don't look good to him. the markets are falling apart and telling us something. >> there's concerns about corporate dead to a trade war to a trade war coinciding with interest rate increases. look what happened yesterday.

he didn't say there would be no interest rate increases on the short end. he said two. the market was pricing in zero. we should point out he's unwinding, the fed, jerome powell, unwinding the long end. getting rid of the balance sheet that the fed accumulated. you sell bonds. interest rates go up. that's why a lot of the flattening of the yield curve. there's one thank -- this is somewhat positive. there are no bids right now. there's no bids right now, also not just because of fear, it's the end of the year. people are not taking positions because it's the end of the year. you'll see more pushes down because of that. there's an absence of bid. no wants to be a hero right now in this market at the end of the year. that i have cut -- the books are sewn, whoever you want to say, closed their books and moving on to next year. next year you could see a glass half full scenario. we get a trade deal. the fed doesn't move fast on interest rates.

the commit -- the tax cuts, the big corporate tax cuts does give us more bang for the buck in terms of gdp. conversely, everyone of those things could go in the opposite negative direction. that's the fear. right now in the big down side i think because -- you can ask your trader panelists here, because there's no bid. that's because it's the end of the year. nobody will be a hero right now. >> neil: i want to thank you. year getting updates on the house floor about what will happen to avoid the government shut down that will be herculean right now since the president has drawn a line in the sand. mike emanuel with more in washington. michael? >> good afternoon to you. they're going through the final process to put this bill on the floor in the next 30 minutes or so it includes $5 billion for the border security and also $8.7 for disaster relief.

steve scalise talked to us after his meeting with the president earlier today. >> we're going to move today to add language to the bill that the senate sent over on government funding to add the $5 billion for the wall as well as the disaster relief funding agreed on for the hurricanes and the wild fires. so we'll move that later on today, this is about securing america's border. >> the president had a meeting with the top democrats in congress last week. he told chuck schumer and nancy pelosi that he was demanding significant border security money. nancy pelosi said they would pass the six-month extension that passed last night. >> we're prepared to support the resolution and support the rule. because that's what they'll try to do, bring down the rule. by the way, they have a lot of people that are missing, that are absent here. they never did have the votes for their wall.

but they now don't even have a full complement of members here. >> fox news has learned that mitch mcconnell has told senators they may be needed to vote in the noon range if the house pass as funding package, this is all a fluid situation with the clock ticking towards a deadline, neil. >> neil: thanks, mike. with us right now, elizabeth cheney. she was at the meeting with the president. congress woman, is it your sense that this me slur, this latest measure would pass the house as its built now? >> yeah, hi, neil. thanks for having me. look, in the meeting we had with the president this afternoon, it's clear there's no distance between the house republicans and the president. we know that we have to security or border. so what we've just passed through the rules committee is a bill that provides $5 billion for the wall, more funding, over $8 billion for disaster relief

that is crucial and necessary. and you know, if you look at the exchange that just went on in the rules committee, you have my colleagues on the democratic side saying things like the wall was stupid. saying things like the wall was offensive. we, the house republicans and the president know that what is really offensive is the refusal by the democrats, by leader pelosi to refuse to secure the border. we're committed to doing that. we're committed to ensuring that that happens. we have no higher obligation. that's the direction we're headed in. >> neil: is it your sense that you would have the votes in the house to get this -- it would go to the senate and presumably with the republican edge there, it would pass or do you know if some of your colleagues that don't want this, come hook or crow? >> look, i'm think the senate is an entirely different animal. you'll have to talk to the senators. we in the house take very seriously our responsibility to secure the border. i know the continuing resolution that the senate passed by voice

vote is not something that the president is interesting in signing. we said all along that we believe we can put something on the floor and pass it. we just, as i said, passed this text out of the rules committee that we'll do our job, fulfill our constitutional only gaigblio secure the border. it's interesting that nancy pelosi talks about the republicans don't have the votes. it's funny that she talks about that how she's having struggles to get her votes for leadership. we're going to continue to fight for the border. >> neil: you have heard from nancy pelosi, congress woman, saying this is all on republicans and that this was overplayed by the president, mishandled by republicans as well. that it's frustrating republicans because they don't know where the president is on this just like they would surprised by his decision to pull american troops out of syria. they don't know what is going on. is that a fair criticism? >> no. at the end of the day, speaker pelosi to be presumably -- she's

trying to be that, schumer and pelosi are playing games. the american people that are watching this know the difference between putting a bill on the floor that will protect the borders, fund border security, the bill the president has asked for that we support and the gamesmanship we're seeing on the democratic side. i think it's probably a taste of what we'll see when they're in the majority in january. you can couldn't on the house republicans to continue to fight for what is right and nothing more than the security of the nation. i'm proud to stand with the president and we're going to make sure we provide him with the funding we know we need to security the borders. >> neil: i know you don't obsess over the markets. one of the things that's been raised, i don't know if it's fair or right, we're close to a bear market in some averages, precisely because there's concern that things are just falling apart in washington. not to mention in some once high-flying stocks and that republicans are getting fingered for that. is that fair? >> look, neil, i think when the

american people watch the games that we're seeing, you look at that meeting that chuck schumer and nancy pelosi had with the president where they were just interested in playing games, interested in trying to trap the president and trying to come up with sounds bites. what we all know we have to do is secure the border. that's what the president wants to do, that's what we know we have to do. the longer that you see this threat that the democrats, the games that they're playing in terms of shutting down the government, the more the american people will say we don't want to be in a position to threaten the shut down to get the border secure. we're seeing the caravans attacking our border guards and it's unacceptable. i'm very proud of what we're doing as a house republican and we're going to continue every single day to fight to make sure that we're securing our border and our nation. >> neil: i know you're talking about a security border. you think the president

imperilled that by pulling our troops out of syria and allowing maybe isis to secure? >> i think they're two separate issues. right now we want to security the border. with respect to syria, i don't want to see us pull out. i think it's a mistake. we don't want to allow isis and other terrorists establish safe havens. we've been down that road before. >> shepard: sounds like he's going to do it anyway. >> i think across the board, we have to ensure we're putting the security of the nation first. my view is that we should not withdraw from syria and we have to stay there. we don't want the iranians to create a land bridge. we don't want isis to be resur resurge resurgent. at the end of the day, we have to assure we don't allow terrorists to have safe havens and make sure our southern border is security. right now the democrats are standing in the way in the house

and the senate of our ability to do that. so the incoming chairman of the house republican conference and the proud republican member of this body, i'm going to continue to fight on all fronts to make sure that we keep this nation safe. >> neil: we're learning that this revamped building bill will be on the floor in the next 20 to 30 minutes. i assume you will vote for that mae sure, that includes some of this financing. but do some of your colleagues get angry knowing that they might be working through christmas? >> look, neil, we're -- we had a conference meeting this morning. the sentiment was absolutely that we have to do what is necessary. we don't want to put on floor a cr that didn't address this issue, the cr that the senate sent over by voice vote. we're committed to being here. we know how important it is. people want to spent christmas with their families. we all have a constitutional obligation. we all swore and oath. there's nothing more important

that making sure our borders are secure. we're willing to stay here to get it done. if the democrats in the house and the senate would stop plays games and stop saying things likes it's stupid to secure the border, i think all of us as americans could come together and do the right thing. >> neil: when you say security the border, doesn't necessarily men a wall. it seems to be morphing. am i fair in saying that? >> one of the things we talked about with the president is the difference types of walls that there are. i think it's important. why have technology. they have walls now that we call them walls and they are walls. they have steel slats in them. they're different forms that this can take. there's no yes that some kind of a barrier is crucially important. we have to provide the resources for a wall, for a barrier as well as resources that we need for technology to secure the border by other means. i would also point out that the democrats have voted for this

exactly this kind of thing in the past and only seems to be now because president trump is for it that they're suddenly against it. it's amazing to me every time i hear minority leader pelosi or chuck schumer or any of the democrats talk about this as immoral or offensive. what is immoral as elected officials not to do our job. our job is to secure the border and keep the country safe. we're going to continue to fight for that. >> neil: thanks, congresswoman. liz cheney. hope you have a merry christmas. hope you get home. >> thank you. >> neil: that's what we're waiting to find out here. they're going to take up this measure that will address the president's concerns. for the time being, it's still a republican house. they have days to do this before it flips to democratic control. you might call this a hail mary pass, you might call it a waste of time. stranger things have happened. we'll have to see. they're going to put this to a

test and a vote and then there's a hurdle of getting it through the united states senate. dodging a big old bull let before santa. after this. hey. i heard you're moving into a new apartment. yeah, it's pretty stressful. this music is supposed to relax me, though. ♪ maybe you'd mellow out a bit if you got geico to help you with your renters insurance. oh, geico helps with renters insurance? good to know. yeah, and they could save you a lot of money. wow, suddenly i feel so relieved.

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border wall and $8.7 billion for disaster assistance. they married everything together. the reason i talk about the rules committee, you have to first approve a rule to get to the bill. if they defeat this rule in the next hour or two here, all bets are off. they don't have a plan and it's an embarrassment to republicans. this is the plan b and didn't work. if they approve it, they can debate the underlying ball. that's where they'll have debate and later this afternoon or in the early evening an up or down vote on the plan. then it goes to the united states senate. the house and senate at that point are not in alignment. but we're seeing where this could be a poison pill. sometimes these changes sweeten a bill, sometimes it hurts it. we'll see in the next couple hours. >> neil: let's take a leap and saying it passes in the house. what is the next stop? >> then it has to go to the

senate. the house and senate are not in a linement. they'll need democratic votes. we'll see. it's interesting that last night they had a voice vote, not a role call vote so you don't know where everybody stands. this is also an effort for republicans to put their money where their mouth is. you know, i reported many times over the past week that patrick mchenry, the republican congressman from north carolina, the chief deputy whip, he argued on multiple occasions that they had the votes for this. the president said thaw they had the votes for this. nancy pelosi, the incoming speaker said they didn't have the votes. she argued the same point this morning. this is a make or break moments for the republicans. >> shepard: we shall see. we have byron ween on the phone. we've been noticing what's going on the markets. the uncertainty over this are

not helping matters any. are the marketing reflecting on this or are they reflecting on other stuff? >> no, the markets are reflecting on the fact that -- investors are worried that the poor performance of the stock market is going to create a recession. in orderly the anticipation of a recession create as bad market. here they're putting the cart before the horse. they're assuming the market deterioration will produce a recession. actually there's a decline in household net worth and changing consumer attitudes. they're in line with that kind of thinking. but evaluations have come down here to very attractive levels. i've gotten blogs from short sellers that say they're beginning buying. so maybe we're getting into a position. the one thing we haven't asked yet, we haven't had a selling

climax that would indicate that all the negativism has been flushed out of the market. >> neil: in other words, the capitulation you want for. >> yeah, a gradual declean. it's a gradual decline in price and volume in terms of the level of volume and we haven't had a complete capitulation yet. >> neil: byron, the treasury secretary was on fox business network earlier today talking to stuart varney and saying the markets overreacted to the fed move. that we had jerome powell of the federal reserve saying, does pay attention to the markets. but who are they telling us? you can argue that the deterioration in wealth would have an effect certainly on the economy if this were to keep up. >> yeah. but not everybody owns stocks. even the people that do don't pay attention to it every day.

you know, it's part of our lives, so we know what is going on and it does affect us. >> neil: when the federal reserve is making a decision, does it pay attention to the market or worry about the market for does it try to go away from the market and not think about the market? i noticed the administration stance was odd because, you know, in ignoring the markets, saying the markets are overreacting, overreacting on the down side, but not the upside, i understand. you like it better, not you but if you're in power you like it when stocks are going up and not going down. what is the catalyst for this? >> first of all, the federal reserve did the right thing. they raised rates because they wanted to show their independence and two, the economy justifies it. we'll see what they do next

year. my guess is they'll be dovish. >> neil: more inclined -- >> to not raise rates. >> neil: so let's talk about the bear market stuff. i know the dow transports and the russell 2000 dominated by small companies, they're technically already in a bear market as the federal funds rate has been inching up and up. i'm just wondering the fact that nasdaq is within a half a percentage point, it seems like the indians move first, the chiefs follow later. do you worry this feeds on itself? >> look, every stock has its own individual value. i can see a number of stocks that have approached that value already. all you need is for those people who are nervous about the market to do their final wave of selling. i think that is coming soon. but it hasn't come yet.

when it comes, i think they'll be a terrific buying opportunity for 2019. >> neil: byron wien, thank you. >> thank you. >> neil: he's called a lot of turns in markets. saw recessions coming when nobody else did. saw a bull market coming when nobody else did. maybe we're close to that. that would define a turn-around and a comeback for stokes that sorely need it. a lot will hinge on what happens in washington and the crucial vote that is about 10 or 15 minutes away. don't guarantee that democrats would vote for it. but there's enough republicans still in power and still in control of this body the next few days that hope it will. after this.

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>> neil: i don't think a lot of these folks at chicago o'hare are worried about stocks. a massive storm meant to delay flights. could be messy after this.

>> bill barr will be an outstanding attorney general when he's confirmed next year. the memo that you made reference to reflects mr. barr's personal opinion and shared his personal opinion with the department. lots of people offer opinions, but they don't influence our own decision making.

>> neil: that was a slap on the back and a big support from rod rosenstein for the guy the president wants to make his next attorney general. there is a problem according to barr's critics and a certain memo that raises questions whether there's an instant conflict of interest. jonathan turley on that. what is the issue right now, jonathan? >> well, individuals like senator schumer have argued that because barr in this memo questions the basis for the obstruction allegation against president trump and firing former fbi director comey that he's in some way conflicted because he established in advance that he opposes the investigation. that's simply not true. schumer says further that it shows that he believes the president is above the law. the last statement is remarkably

reckless and unfair to bill barr. he says in the memo there's various grounds upon which the president could be charged with a crime. he lays out that he believes that those types of investigations should go forward. he's primarily addressing a small provision that he believes would have to be used to make out a case involving the comey firing. barr is a lawyer's lawyer. he doesn't get into all of the spin. he's interested in how you make a prosecution case and what it would do to the judge tis department in terms of its previous policies. that's what this memo goes to. he's saying that this type of theory would stretch this provision to its breaking point. >> i'm just wondering if the ultimate irony, if he would have to recuse himself on any matters having to do with this -- >> he wouldn't. >> neil: that would bedevil jeff sessions. >> first of all, the same ethic

high school people that suggested that jeff sessions should recuse himself came to the opposite conclusion on this memo. the ethics experts say this is not disqualifying for barr. but it's ridiculous to suggest that. what barr is raising in great detail is the type of problem that some of us have talked about for over a year. that people keep on referring to obstruction like it's obvious that a criminal case could be made because you fired james comey. but it's not. it has precedent. what barr is addressing in 19 single-spaced letter is that there's a disconnect between that theory and the history and purpose of this provision. >> neil: so the configuration of the new senate will be a 52-48.

so as things stand now, would there be anything getting in the way of the president getting the votes to be the next attorney general? >> you know, as you know in this city, it's dangerous to make any predictions. i would be flabbergasted if bill bar didn't get through easily. he's the perfect nominee for these times. his agents love him. he's a stabilizing force and he won't be a stooge. he won't spend his career in a prestigious celebrated position to throw it away. he wants to bring stability to the department. he's a profound connection to the justice department. >> neil: thanks, jonathan. jonathan turley. we'll watch that closely and watching this vote in the house called the hail mary pass. others are saying it's a waste of time. others say the republicans still in majority in the house another few days, even though a good many are not there have the

votes to get it through there and ultimately get the president and his funding or the the wall. and keep the government lights on. it is a tall order for republicans. they think they have the votes to make it happen. we'll find out within minutes. stay with "your world." our dad was in the hospital. because of smoking. but we still had to have a cigarette. had to. but then, we were like. what are we doing? the nicodermcq patch helps prevent your urge to smoke all day. nicodermcq. you know why, we know how.

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your doctor should monitor your weight and may stop treatment. upper respiratory tract infection and headache may occur. tell your doctor about your medicines and if you're pregnant or planning to be. otezla. show more of you. >> neil: all right. well, santa might be able to cut through whatever mother nature throws at him. traditional planes and trains and automobiles is another matter. mike tobin at chicago o'hare where people are trying to get out of town and get home for the holidays ahead of what could be a big storm. michael? >> yeah, it's not looking good, neil. we'll have weather delays here in the states. nothing like the travel snares overseas in london. a couple of drains made their way over the run why at gatwick forcing a shut down.

you could have a deadly impact if they did. the problem, tens of thousands stranded. gatwick will remain shut down until friday. so a lot of people stranded over there. the operators of the drones have not been apprehended. police are not making a connection to terrorism. here in the united states, let's talk about the weather. it's not good. 46 million expected to fly and probably delayed by the weather. big windy storms on the west coast, stretching from northern california up to the state of washington. big windy storms on the east coast. you might have tornados in the southeast portion of the state. the ground out there is already saturated. so accuweather says coastal storms are in effect. this rain will go to d.c., new york, boston. so keep an eye on your apps. that's the best way to learn about the flight delays. usually learn about them after you're in the airport.

some of that rain is going to turn into snow when it hits the cold air. you'll have snow stretching to west virginia, going to cover a lot of the interstate. so 102 million people expected to travel this holiday weekend. triple a is estimating they'll rescue 960,000 of them. with that in mind, keep an eye on the forecast and keep an emergency kit, a cold weather emergency kit and just like your dad told you, make sure the car is in good working order. neil? >> neil: all good advice. thanks. mike tobin at o'hare international. we'll keep an eye on that and the big commute home to be there in time for santa. and then, of course, the shut down in washington that they're desperately trying to avoid. it might be a herculean task today. but what they're about to vote on minutes away would do that. the question is who would vote for that? after this. when we were dating, we used to get excited about things

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>> neil: all right. on the left of my screen, we're looking at what's going on in washington d.c. right now where the house is debating a measure that they hope will pass that calls for the $5 billion the president wants for wall funding, tying it to a number of other things that democrats would want as well. i could get to the weeds here. suffice it to say, this is a last opportunity here again to keep the government open passed friday. it's anyone's guess how it would go. if it passes the house, it goes to the senate even with the republican majority there. with me now, the former cke restaurant ceo, andy pusner. we do this with concerns about whether the bull market has lost steam here, whether the uncertainty around things like this, the prospect for interest

rates in the next year, a lot of uncertainty. it's rattling folks. are they overrattled or what? >> well, number 1, people are overrattled. we can come back to that. number 2, the shut down, you really can't put the country's national interest at risk here because of what is going on in the stock market, this is a national security issue. schumer and pelosi and bill clinton, barack obama, were all in favor of increasing border security, even voted for a wall on the border. i know schumer did. now they're playing politics. because president trump wants to do it that the democrats are broadly opposed to it. it has the stop. what the president is doing is right, the correct thing to do. he still needs to do this. as far as interest rates, the feds raised them eight times in 24 months. that's since the election in november of 2016. prior to that election when

obama was president, they raised them once. they need to raise them, they need to go up so they have an arrow in their quiver if we have another recession but they're going up too fast. there's tomorrow increases. i'm not surprised tha reacting. it's think it's overreacting but i'm not surprised. >> neil: you think any of this is on the president? is any of it on the mixed signals he's been sending against the federal reserve and the syrian issue? that he's all over the map? >> what the president is doing can have an impact on the market. the china trade has an impact. i think these are impacts that wouldn't be as significant but for what the fed is doing. i think the real impact here is the fed. if you look at the market before the fed announced the interest rate increase and was not

indicated -- wouldn't be as accommodated next year as people expected it to be, that's when you saw this huge drop in the market. the fed is driving this. i don't think the fed should design policy to the point where they're being driven by what the market wants. they need to look at economic growth. what they're doing could have a negative impact on this strong, strong u.s. economy we have. we would all hate to see that. that is a bigger danger than what is happening in the stock market. >> neil: i understand you pointed the finger at the fed. but it does go back to the president. i say on the trade policy which might be welcome to get tough with china but that too is playing into this, the threatened tariffs and the rest are materially affecting the price of goods in play here. by extension, our markets. >> there has been some impact on goods. it's not a substantial impact. inflation is not going up to any

significant degree. part of that is the fact that oil is so low. the reality is, we export to china $130 billion of goods worth a year. that was for last year. look at our $21 trillion economy. that is about a half a percent. like a rounder error. if you reduce imparts, that improves gdp. so importing less from china, we imported $506 billion from china. that would improve gdp. the maximum we can lose is $130 billion. i think the president knows that. i think the chinese know that. they're going to come to an agreement. i think that impacts the market. i don't think it impacts it anywhere near the amount that the fed does. >> neil: we shall see. hope you have a merry christmas. andy puzder. he worked in fast food for decades and didn't gain a pound. i dislike that. not him. anyway, more after this.

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>> neil: we've got a tweet from the president on this back-and-forth that you are witnessing on the house floor for a measure that will keep the government doors open. "democrats, it is time to come together and put the safety of the american people before politics. border security must become a #1 priority!" democrats say this isn't that measure. chad pergram, where do we stand? >> they are debating the rule. you have to get the rule through first in order to put the underlying piece of legislation on the floor. if the rule vote fails, that sets out how you're going to play ball today in the house of representatives. if the rule vote fails, this revamp plan is toast. if they are able to get through the rule, you have general debate and then you have an up or down vote on the retooled package with $5.7 billion for the border wall, 8.7 for disaster relief. then they send it back across

capitol hill to the senate. the senate passed a different bill last night. here's the problem in the senate. if you get it through the house and it remains to be seen, you're going to need 60 votes to overcome cloture to end a filibuster. the only option where you wouldn't have to have cloture is if you flush it back to the house of representatives. you could see a scenario where someone says we don't have the votes. we can't accommodate this and then send it back. you don't need 60 votes for that. otherwise have to get 60 votes. you need democrats. they are not going to vote for border wall funding at this point. >> neil: let me understand this. if this fails, the government will almost certainly shut down tomorrow night. >> right, unless they come up with another plan. what would passes a bill that moved through the senate yesterday with the help of democrats that can pass. then the $64,000 question is does president trump go back on his promise to shutdown the government to veto something? that is president trump twice going back and forth and what he'd said previously.

then he starts to get into it a real political problem. that would probably inflame his base more if he goes back on his promise. >> neil: he can deal with the wrath that may be out there if the government shutdown through the christmas holiday. it's not as if anyone would run back to town or stay in town to cobble something together. >> they very well could. i think the democrats, even if republicans say we can't pass anything, let's punt to january, democrats and probably be here every day trying to win the optics argument, especially if the president goes to mar-a-lago. the federal government has to process paychecks on the 24th. they will go out on the 28th and those nine federal departments for workers that don't get money, they wouldn't be paid at christmas. that's an optics problem for the president. >> neil: it's not a full government shutdown whatever the case. >> that's right. they have approved 75% of the money. >> neil: thank you very, very much. as long as you are working through the holidays, i feel

better about that. chad pergram. that's where we stand. it's an uphill battle for the republicans are going to give up the good fight and see where they stand. even if they pass in the house, this good fight. it's anyone's guess from there. "the five" is now. ♪ >> greg: hi, i'm greg gutfeld with lisa boothe, juan williams, jason chaffetz. a candy cane is her walking stick. dana perino. "the five" ." fox news alert. president trump now saying he won't sign a stopgap spending bill without the cash for the wall. we will get to that but for something more important. once again, donald trump attacked the media, accusing them of fake news. wait, i was half wrong. fake news, yes. but it wasn't trump. it was incoming congresswoman alexandria